Retirement is a very significant part of work-life. Having a retirement plan helps you to live a life of fulfillment after your constant work pay stops.
According to CNBC news, a 28-year-old retiree, JP Livingston, shared her secret of how she retired early after she had built $2.25 million safe money, enough to quit her job.
Her four secrets to early retirement are:
1. Increase your saving rate
According to Livingston, savings beat investment that yield around 5% annually.
The first places to begin your savings plan is on your housing and food because they are the most fundamental and yet most demanding aspect of your expenses.
2. Increase how much you earn
When your income level increases, you also have the opportunity of saving more and having your financial independence as soon as possible.
Increasing your income could happen if you get promoted, given a pay raise or work a side hustle that does not affect your commitment to work.
3. Let your money work
Now that you have increased your saving and your income, the next step is to give attention towards growing your money. Investing your money will make sure your saving does not only stay dormant but keep increasing.
4. Optimise your taxes
Optimizing your taxes mean knowing what part of your money is taxed and what is not. It also means how you maximise your taxable income for other investment opportunity.
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Meanwhile, Legit.ng earlier reported that the president of the Senate, Dr Bukola Saraki, lauded Nigerian workers for their contribution to socio-economic development of the country in spite of some economic realities.
Saraki in a goodwill message to mark the 2019 Workers’ Day celebration also commended the leadership and members of the organised labour for their patriotism in mostly choosing dialogue over industrial action in resolving trade disputes.
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